Nevada § 166A.320 - Limitations of action against custodial trustee

§ 166A.320. Limitations of action against custodial trustee

1. Except as otherwise provided in subsection 3, unless previously barred by adjudication,

consent or limitation, a claim for relief against a custodial trustee for accounting

or breach of duty is barred as to a beneficiary, a person to whom custodial trust

property is to be paid or delivered or the legal representative of an incapacitated

or deceased beneficiary or payee: (a) Who has received a final account or statement fully disclosing the matter unless

an action or proceeding to assert the claim is commenced within 2 years after receipt

of the final account or statement; or (b) Who has not received a final account or statement fully disclosing the matter

unless an action or proceeding to assert the claim is commenced within 3 years after

the termination of the custodial trust. 2. Except as otherwise provided in subsection 3, a claim for relief to recover from

a custodial trustee for fraud, misrepresentation or concealment related to the final

settlement of the custodial trust or concealment of the existence of the custodial

trust is barred unless an action or proceeding to assert the claim is commenced within

5 years after the termination of the custodial trust. 3. A claim for relief is not barred by this section if the claimant: (a) Is a minor, until the earlier of 2 years after the claimant becomes an adult or

dies; (b) Is an incapacitated adult, until the earliest of 2 years after: (1) The appointment of a conservator; (2) The removal of the incapacity; or (3) The death of the claimant; or (c) Was an adult, now deceased, who was not incapacitated, until 2 years after the

claimant's death.